Manappuram Finance to raise up to Rs 350 crore via NCDs

Kerela-based gold loan financier Manappuram Finance on Thursday said it plans to raise up to Rs 350 crore through issuance of non-convertible debentures on private placement basis.

"The financial resources and management committee of the board of directors of the company on Thursday approved the issuance of rated, secured, redeemable non-convertible debentures having face value of Rs 10 lakh each for the amount of Rs 350 crore," Manappuram Finance said in a filing to the Bombay Stock Exchange.

The company stated that a meeting of the financial resources and management committee of the board of directors of the company will be held on December 31, to consider the proposed allotment for the said issue.

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In a separate development, Thrissur-based company had informed exchanges earlier this month that its board had approved a plan to undertake the issue of foreign currency denominated bonds under the Euro medium term note programme.

In September quarter, Manappuram Finance reported an 82 per cent jump in its consolidated profit to Rs 402.28 crore, compared to the same period a year ago. The company's total assets under management (AUM) climbed 31.91 per cent to Rs 22,676.93 crore, while its gold loan AUM surged 20.45 per cent to Rs 15,168.34 crore during September quarter, from the same period last year.

Meanwhile, shares of Manappuram Finance closed trade at Rs 172.95, up 0.20 per cent, on the Bombay Stock Exchange.

Edited by Chitranjan Kumar

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